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Are electric cars cheaper to run?

Updated: 10/23/2022
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Manaasad

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13y ago

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If you are thinking about buying an electric car, be warned: it may cost more to run than a petrol machine.

Britons are about to get the chance to order the Nissan Leaf, which Nissan says will be the world's first mass-produced electric car. Nissan says the Leaf's running costs will be as low as 1p per mile. But the BBC reports that it has been given figures from rival car company Mitsubishi saying that, over three years, it could be cheaper to run a petrol car.

The problem is partly because electric cars are quite expensive to buy, and rapidly depreciate in value.

Mitsubishi also produces an electric car, the i-miev.

But the manufacturer even says that the running costs for the i-miev will be higher than for a Fiat 500 1.2, a similar petrol model produced by a rival.

Its figures indicate that an electric car would cost £10,572 to run over three years, not including insurance. During the same period, the Fiat 500 would only cost £9,339.

This is because, while some of the costs for an electric car are lower, others are significantly higher.

Charging the battery from a domestic supply will only cost 1p-2p per mile and electric car owners also have the advantage of not paying road tax.

Maintenance costs are usually below those of a conventional car, and from 2011 there will be a £500 government subsidy for each electric car bought here.

On the other hand, however, electric car batteries are expensive and will need replacing from time to time. Mitsubishi will only guarantee its batteries for 62,500 miles, although they are expected to partially work for 100,000 miles.

Insurance costs could well be more than for normal cars too, partly because the valuable batteries could be stolen by determined thieves.

Mitsubishi also says that the i-miev will depreciate in value by £15,000 over its first three years.

However, if you drive in London, there is one other good reason to buy an electric car: they are exempt from the congestion charge.

That could save some people £1,000 per year.

And a number of London boroughs, including Westminster, also offer electric cars free parking.

This changes the outcome of the research as Mitsubishi says those who drive into the congestion zone frequently could save a massive £5,000 over three years.

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